Thomas Reep, was the president of First National Bank in Clarksville. R.L. Moore approached Reep requesting the bank to open an account in the name of Texas Continental Express, Inc., a corporation owned by his two sons. R.L. had no affiliation with the corporation nor any financial interest in it. R.L. promised Reep that he would open several accounts in First National that would more than amount to the business of his sons. R.L. assured Reep that if anything came up in connection with the sons’ account, Reep was to contract him directly. Upon these conditions, First National proceeded to furnish a regular checking account and bank draft services for Texas Continental. Sometime later, First National paid two drafts overdrawing the account by $448,942. When Reep contacted R.L. about the overdrawn account, R.L. assured Reep that money would be deposited in the account. When Reep called back a few days later to find out why the money had not been deposited, R.L. informed Reep that his wife had suffered a nervous breakdown the night before and the deal was off. First National Bank brought suit to enforce R.L.’s promise to pay the debts of Texas Continental. What is the likely outcome? Best answer:

R.L.’s defense will be the statute of frauds. He will most likely win. More test answers on https://studyhippo.com/ch-15-written-contracts/

Currency held in the vault of First National Bank is:

not counted as part of the money supply. More test answers on https://studyhippo.com/macro-chap-14-15/

Currency held in the vault of the First National Bank is: A. counted as part of M1. B. counted as part of M2, but not M1. C. only counted as part of M1 if it was deposited into a checking account. D. not counted as part of the money supply.

D. is not counted as part of the money supply. More test answers on https://studyhippo.com/chapter-14-2-3/

Dan bought three new trucks with a loan obtained from the First National Bank. If he fails to repay the loan, the bank will repossess the trucks. The trucks are

collateral More test answers on https://studyhippo.com/chapter-16-test-answers/

First National Bank test questions and answers | Get Access To First National Bank Flashcards and exam tests

Q: Assume ABC Company deposits $70,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after five years if interest is reinvested?

94,070 70,000×1.34392=94070 More test answers on https://studyhippo.com/chapter-6-calculations/

Q: When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, then A) the liabilities of the First National Bank decrease by $10. B) the reserves of the First National Bank increase by $10. C) the liabilities of Citibank decrease by $10. D) the assets of Citibank decrease by $10.

A. the liabilities of the First National Bank decrease by $10 More test answers on https://studyhippo.com/economics-quiz-chapter-10/

Q: After the First National Bank’s charter expired,

a Second National Bank was chartered a few years later More test answers on https://studyhippo.com/national-bank-2-4637/

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Accounting First National Bank Reduce The Price

Chapter 6 Calculations – Flashcards 31 terms

Ben Stevenson

31 terms

Preview

Chapter 6 Calculations – Flashcards

question

Assume ABC Company deposits $70,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after five years if interest is reinvested?

answer

94,070 70,000x1.34392=94070

question

Charlie Corp. is purchasing new equipment with a cash cost of $250,000 for an assembly line. The manufacturer has offered to accept $57,400 payment at the end of each of the next six years. How much interest will Charlie Corp. pay over the term of the loan?

answer

94,400 (54,400 x 6)-250,000

question

If a savings account pays interest at 4% compounded quarterly, then the amount of $1 left on deposit for 5 years would be found in a table using

answer

1% 4x5=20; 4%/4= 1%

question

If an individual deposits $8,000 in a savings account today, what amount of cash would be available two years from today?

answer

$8,000 ÷ 0.826

question

What is the present value today of $9,000 to be received six years from today?

answer

$9,000 × 0.621 × 0.909

question

What amount should be deposited in a bank today to grow to $6,000 three years from today?

answer

$6,000 × 0.751

question

What amount should an individual have in a bank account today before withdrawal if $7,000 is needed each year for four years with the first withdrawal to be made today and each subsequent withdrawal at one-year intervals? (The balance in the bank account should be zero after the fourth withdrawal.)

answer

$7,000 + ($7,000 × 0.909) + ($7,000 × 0.826) + ($7,000 × 0.751)

question

At the end of two years, what will be the balance in a savings account paying 6% annually if $15,000 is deposited today? The future value of one at 6% for one period is 1.06.

answer

16,854 15,000 x (1.06)^2

question

Mordica Company will receive $300,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $300,000 receipt is

answer

$153,948. 300,000x .51316

question

Dunston Company will receive $300,000 in a future year. If the future receipt is discounted at an interest rate of 10%, its present value is $153,948. In how many years is the $300,000 received?

answer

7 years

question

Milner Company will invest $500,000 today. The investment will earn 6% for 5 years, with no funds withdrawn. In 5 years, the amount in the investment fund is

answer

$669,115.

question

Barber Company will receive $900,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $900,000 receipt is

answer

$461,844.

question

Barkley Company will receive $400,000 in a future year. If the future receipt is discounted at an interest rate of 8%, its present value is $252,068. In how many years is the $400,000 received?

answer

6 years

question

Altman Company will invest $700,000 today. The investment will earn 6% for 5 years, with no funds withdrawn. In 5 years, the amount in the investment fund is

answer

$936,761.

question

John Jones won a lottery that will pay him $3,000,000 after twenty years. Assuming an appropriate interest rate is 5% compounded annually, what is the present value of this amount?

answer

$1,130,670.

question

Angie invested $150,000 she received from her grandmother today in a fund that is expected to earn 10% per annum. To what amount should the investment grow in five years if interest is compounded semi-annually?

answer

$244,335.

question

Bella requires $160,000 in four years to purchase a new home. What amount must be invested today in an investment that earns 6% interest, compounded annually?

answer

$126,734.

question

What interest rate (the nearest percent) must Charlie earn on a $226,000 investment today so that he will have $570,000 after 12 years?

answer

8%.

question

Ethan has $160,000 to invest today at an annual interest rate of 4%. Approximately how many years will it take before the investment grows to $324,000?

answer

18 years.

question

Jane wants to set aside funds to take an around the world cruise in four years. Assuming that Jane has $12,000 to invest today in an account expected to earn 6% per annum, how much will she have to spend on her vacation?

answer

$15,150.

question

answer

$8,820.

question

What would you pay for an investment that pays you $2,500,000 after forty years? Assume that the relevant interest rate for this type of investment is 6%.

answer

$243,050.

question

What would you pay for an investment that pays you $30,000 at the end of each year for the next ten years and then returns a maturity value of $450,000 after ten years? Assume that the relevant interest rate for this type of investment is 8%.

answer

$409,737.

question

Anna has $15,000 to invest. She requires $25,000 for a down payment for a house. If she is able to invest at 6%, how many years will it be before she will accumulate the desired balance?

answer

9 years.

question

Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $150,000 in eighteen years. If they are able to earn 6% per annum, how much must be deposited at the beginning of each of the next eighteen years to fund the education?

answer

$4,579.

question

Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $100,000 in eighteen years. If they are able to earn 5% per annum, how much must be deposited at the end of each of the next eighteen years to fund the education?

answer

$3,555.

question

Jane wants to set aside funds to take an around the world cruise in four years. Jane expects that she will need $12,000 for her dream vacation. If she is able to earn 8% per annum on an investment, how much will she need to set aside at the beginning of each year to accumulate sufficient funds?Pearson Corporation makes an investment today (January 1, 2014). They will receive $9,000 every December 31st for the next six years (2014 - 2019). If Pearson wants to earn 12% on the investment, what is the most they should invest on January 1, 2014?

answer

$2,466.

question

Garretson Corporation will receive $10,000 today (January 1, 2014), and also on each January 1st for the next five years (2015 - 2019). What is the present value of the six $10,000 receipts, assuming a 12% interest rate?

answer

$46,048.

question

Spencer Corporation will invest $20,000 every December 31st for the next six years (2014 - 2019). If Spencer will earn 12% on the investment, what amount will be in the investment fund on December 31, 2019?

answer

$162,304.

question

Tipson Corporation will invest $20,000 every January 1st for the next six years (2014 - 2019). If Tipson will earn 12% on the investment, what amount will be in the investment fund on December 31, 2019?

answer

$181,780.

question

Hiller Corporation makes an investment today (January 1, 2014). They will receive $50,000 every December 31st for the next six years (2014 - 2019). If Hiller wants to earn 12% on the investment, what is the most they should invest on January 1, 2014?

answer

$205,571.

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A Level History Cruel And Unusual Punishment Date First National Bank Merchants And Traders Political History Revolution World History

History of Civ since 1650 BJU online: Unit 1 Absolutism to the Ancien regime – Flashcards 113 terms

Pat Coker

113 terms

Preview

History of Civ since 1650 BJU online: Unit 1 Absolutism to the Ancien regime – Flashcards

question

Glorious Revolution (date)

answer

1688

question

Toleration Act (date)

answer

1689

question

Charles II ascended the throne of England after Cromwell's execution (date)

answer

1661

question

revocation of the edict of nantes (date)

answer

1685

question

Peace of Ryswick (date)

answer

1697

question

Peace of Utrecht (date)

answer

1713

question

Great Northern War (date)

answer

1700-1721

question

Galileo's trial (date)

answer

1633

question

witch hunts in Europe (date)

answer

1400-1700

question

Hobbes and Bossaway supported

answer

absolutism (who supported it)

question

Bishop Bossuet was

answer

catholic priest, frenchman, religious justification for absolutism; wrote "Politics drawn from scriptures", claimed that royal birthright was the only right kind of king; "royal power is absolute...The prince need render account of his acts to no one."

question

Hobbes was

answer

english, not exactly an atheist, secular justification for absolutism; wrote "Leviathan" at the height of the puritan power, man's power solitary, poor, nasty, brutish, and short

question

Hobbes taught

answer

in the house of Louis XIV

question

"Leviathan" ideas

answer

the ruler is working for the benefit of the whole of the people

question

The stewart family overthrown by

answer

English Revolutionaries overthrew

question

James I of England raised money before being regulated by Parliament by

answer

levying new trade impositions

question

Puritans believed

answer

the anglican church had not reformed enough; they made a petition to get rid of vestments, decorations, priests, etc, but were denied because the king didn't think they would stop there

question

Seperatists

answer

people who wanted to sever their ties with the church of england, eventually pilgrims

question

James I did

answer

made peace with spain, granted payment for an authorized version of the bible in english, which was named after him

question

Charles I was

answer

absolutist, tried to go without Parliament, signed the petition of right, then dissolved parliament, but was forced to go to parliament when he got involved with Scotland

question

Petition of right

answer

no tax money without parliamentary consent, no martial law in peacetime, and reaffirmed habeus corpus

question

brought about Charles I's defeat

answer

Archbishop Laud of Canterbury attempted to enforce anglican conformity in Scotland when it was Presbyterian, causing Charles to call on Parliament for war

question

The Long Parliament lasted

answer

20 years (1640-1660)

question

Cromwell was

answer

the lord protector after the beheading of Charles I and the English civil war

question

The Cavaliers and Roundheads were groups during

answer

the English Civil War (sides)

question

The Cavaliers were

answer

Royalists during the English Civil War

question

The Roundheads were

answer

Parliamentarians during the English Civil War

question

Charles I was executed in

answer

1649

question

Cromwell dies in

answer

1658

question

The first of the Restored Stuarts after the English Civil War

answer

Charles II

question

How long did the Protectorate last

answer

the form of government that lasted only 5 years

question

The Clarendon Code

answer

issued by parliament to keep the anglican church supreme and expel all non-anglicans from the government positions

question

The purpose of the treaty of dover

answer

Charles II got aid through his cousin Louis XIV and agreeing not to fight

question

the rise of the Whigs and Tories happened during

answer

Charles II's reign (uprising)

question

Whigs

answer

supported Charles II

question

Tories

answer

against Charles II

question

who was James II

answer

Charles II's brother; had two daughters Ann and Mary; converted to Catholicism; and had a son from his second wife

question

Ann, daughter of James II, married

answer

married the Prince of Denmark

question

Mary, daughter of James II, married

answer

married William, prince of Orange

question

The Glorious Revolution (what happened)

answer

Parliament made a move to get rid of James II, and invited William III of Orange and Mary II (James II's daughter) to the throne

question

why was the Glorious Revolution glorious

answer

there was little bloodshed

question

Bill of Rights (england, date)

answer

1689 (not toleration act)

question

what did the toleration act do

answer

tolerated protestant dissenters

question

Act of Settlement (date)

answer

1701

question

what did the act of settlement do

answer

the monarch could only be protestant

question

John Locke wrote

answer

"Of Civil Government", First and Second Treatise of Government, Letter concerning Toleration, and Essay concerning Human Understanding

question

what did the act of union do

answer

joined the british isles into greater britan

question

The Jacobites rose

answer

between Ann and Hanoverians and 2nd hanoverian

question

what is Hanover

answer

a province in germany

question

How did the office of prime minister form

answer

the government became more separated from the royal household and a cabinet government ensued

question

the purpose of a prime minister

answer

executive duties

question

the first prime minister of england

answer

Walpole

question

Why was absolutism limited in the netherlands

answer

they weren't tightly united

question

Who did the people of netherland turn to in a crisis

answer

William of Orange

question

Leopold I stopped

answer

stopped the Ottoman advance in Vienna

question

Pragmatic Sanction

answer

Charles VI issued it trying to protect his daughter Maria Theresa from the surrounding country

question

Joseph II

answer

Maria Theresa's son

question

the austrian habsburgs controlled

answer

bohemia, hungary, croatia, and transylvania; they eventually took over the turks

question

Frederick William, the Great Elector

answer

the first of the Hohenzallern dynasty; religiously tolerant, and subdued the Junkers (young men outside of prussia)

question

Frederick I (son of Frederick William)

answer

the first King in Prussia, granted for helping Leopole I Habsburg fight the turks; built up his army; "Salvation is of the Lord; everything else is my business"

question

Frederick II (the Great, son of Frederick I)

answer

claimed Silesia and started the war of austrian succession, disregarding the Pragmatic Sanction; wanted agriculture and education to strengthen his country, loved music and france, loved Voltaire and had him visit; able to expand prussian holdings

question

Ivan III

answer

threw off the mongol rule and established independent russia

question

Ivan IV the Terrible

answer

revised the law code, and waas the first to use the title Tzar; unstable ruler, violent man

question

The Romanov dynasty brought what to Russia

answer

dynasty that brought peace and stability to russia

question

Peter Romanov the Great

answer

expanding absolutist monarch, westernized Russia; had Beard laws, stopped Swedish advance in the Great Northern War, and took Baltic territory; established St. Petersburg as the new capital

question

Poland

answer

had not central authority or concrete borders, and was taken apart; they had the type of government that if one body objects, it negates everything done in the parliament

question

How we investigate the world around us

answer

through our reason, senses, experience, emotions, intuition, and faith

question

Scientific Revolution

answer

the questioning of inadequate authorities of the past through superstition and challenging church authority

question

the Scientific Method

answer

credited to Bacon; ordered questioning or investigation

question

caused the Scientific Revolution

answer

explosion of knowledge and renaissance curiosity; emphasis on human reasoning and desire to reveal truth about the world around us; assumptions include that the senses and mind can make something of the universe, and that the method of science applies to all inquiry, and that humans are improvable

question

Renee Descartes

answer

Mathematician, relied on deductive reasoning; wrote "Discourse on Method'

question

Deductive Reasoning

answer

general to specific (>), drawing conclusions from a premice

question

Francis Bacon

answer

inductive reasoning, the scientific method depends on inductive reasoning

question

Inductive Reasoning

answer

specific to general (<), developing a theory from specific instances

question

Nervo Morganum

answer

to discover the world and universe

question

Copernicus

answer

polish astronomer, mathematician, heliocentric theory using mathematics

question

Brahe

answer

attempted to find middle ground between heliocentric and geocentric using

question

Kepler

answer

realized Brahe was wrong, and that orbits were elliptical, worked from Brahe's observations

question

Galileo

answer

developed a telescope, confirmed and taught heliocentric, studied physics, got in trouble with the papacy for teaching heliocentric (tried in 1630)

question

Kepler, Galileo, and Issac Newton

answer

lead to a new understanding of the universe

question

Newton

answer

the math describing heliocentric wasn't satisfactory, and invented calculus, the law of gravity, and the reflecting telescope; thought that all nature is governed by laws, including outer space; experimented with light

question

John Locke

answer

writings about toleration and human understanding, influenced many different groups of people, royal societies, academies, and botanical garden; argued about the nature of government and what it was supposed to do and where it derived and how it should be changed.

question

First Treatise of Government

answer

consent from the governed, response to Bossuei

question

Second Treatise of Government

answer

state of nature is condition, government supposed to mediate not dominate; if government wasn't supported of the people, the people had to replace it

question

Letter Concerning Toleration

answer

governments should promote toleration, supposed to protect property, not supposed to dictate religion

question

Essay concerning Human Understanding

answer

how people learn, through experience, empiricism, empirical learning; argued that at birth, the brain is a blank slate (tabula rasa)

question

Colbert

answer

French academy of science, he was a financial minister of Louis XIV

question

The people in academies were usually

answer

the class aristocrats

question

Sir Issac Newton was a member of

answer

member of the Academy in England

question

the purpose for botanical gardens

answer

collecting samples and crossbreeding

question

Queen Christina of Sweden

answer

patroness of arts and science, entertained Descartes

question

Women of science were usually

answer

of the upper crust and had a male tutor

question

Margaret Cavendish

answer

a duchess who had time and money for education, study, tutors, and experimentation

question

Les Pascal

answer

a french Mathematician opposing skepticism or dogmatism; Macrouniverse and Microuniverse, worth of man

question

Conflict between science and tradition

answer

witchcraft and witch hunters

question

the targets of witch hunters

answer

mostly women, especially those who did not have any family, and knew about the natural world, especially midwives, healers, and herbalists

question

Baroque means

answer

overblown and dramatic, grandness and drama to art, active and heroic actions; label given by artists in the neo-classical period

question

The Ancien Regime means

answer

the former order; before the French Revolution

question

The 3 broad social classes of the Ancien Regime

answer

aristocracy, urban dwellers, and peasant farmers

question

growing working class

answer

the urban dwellers and waged labor

question

members of established churches were close to

answer

the state and aristocracy

question

aristocracy is

answer

1-5% population, wealth from the land, rented to farmers, and through agricultural production, interested in economic growth and innovation to increase profits

question

how were the serfs' status being endangered

answer

loss of traditional privileges through the manor system, the landowners were gaining power over the land and displacing peasants, and eventually were pushed into urban areas and into the wage-earning class; they were also subject to taxes, but couldn't pay money

question

corvee

answer

a labor requirement for a certain amount of time for the government

question

Why were there peasant rebellions

answer

they were losing their traditional rights and conditions

question

Pugachev's Rebellion

answer

in russia, violent and bloody rebellion against the central state authority; Catherine II executed him brutally

question

rural english riots

answer

protest of machinery, loss of pastureland

question

Families

answer

the basic unit of production and consumption

question

Why was living alone suspicious

answer

it was hard to live alone and sustain oneself

question

Variables of families

answer

age of marriage, size of households, number of generations, extended and nuclear family

question

how were women vulnerable in families

answer

they could die during childbirth

question

Children without a childhood instead of playing did

answer

worked at factories and helped their families with planting, weeding, and harvesting

question

What caused combined complex families with stepkids

answer

the high mortality rate caused

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First National Bank Politics of the United States Second National Bank

National bank – Flashcards 11 terms

Gracie Stone

11 terms

Preview

National bank – Flashcards

question

What was the main action President Jackson took regarding the Second National Bank?

answer

Jackson vetoed an extension of its charter, causing it to dissolve.

question

After the First National Bank's charter expired,

answer

a Second National Bank was chartered a few years later

question

One argument against the spoils system was that it

answer

might lead to an abuse of power.

question

What impact did the spoils system have on American government?

answer

The spoils system was debated long after Jackson's presidency had ended.

question

In the 1830s, what was one argument against the Second National Bank?

answer

The bank took money from common people for the wealthy.

question

As a response to the National Bank issue during Jackson's presidency, Henry Clay

answer

helped to organize the Whig Party

question

What set Andrew Jackson's presidency apart from the administrations that came before it?

answer

Jackson assumed command of the policy-making process instead of waiting for Congress to take the lead

question

During his presidency, Andrew Jackson successfully established

answer

the spoils system.

question

Which of the following describes an action taken by President Andrew Jackson that prompted the creation of a new political party?

answer

Jackson's veto of the charter extension for the Second National Bank prompted the creation of the Whig Party.

question

As the Second National Bank faltered, President Jackson

answer

removed funds from the bank and deposited them in state banks.

question

Which of the following US presidents was strongly associated with the spoils system?

answer

Andrew Jackson

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Business Law First National Bank Legal Management Third Party Third Party Beneficiary

ch.19 business law – Flashcards 39 terms

Sarah Taylor

39 terms

Preview

ch.19 business law – Flashcards

question

Privity of contract

answer

Parties not in ______ usually do not have rights to a contract.

question

Obligor

answer

Which of the following is a contractual party who agrees to do something for the other party?

question

Obligee

answer

Which of the following is a contractual party who agrees to receive something from the other party?

question

Assignment

answer

Which of the following occurs when a party to a contract transfers his or her rights to a contract to a third party?

question

Assignor

answer

What is the term for the party to a contract who transfers his or her rights to a contract to a third party?

question

Assignee

answer

What is the term for the third party who receives an assignment of contract rights?

question

Assignees are offered more protection than assignors.

answer

Which of the following is false regarding the rights of an assignee and assignor?

question

No form is required.

answer

Which of the following, if any, is needed in order for an assignment to be valid?

question

In some cases, assignments may be made orally.

answer

Which of the following is true regarding oral assignments?

question

When the only part of a contract left to be fulfilled is the payment.

answer

Which of the following is an exception to the general rule that rights to a contract cannot be assigned when a contract is personal in nature?

question

Sally will win because Paul's attempted assignment would increase the duties to which she agreed.

answer

Sally agrees to mow Paul's yard for $300 for the summer. Paul wishes to assign the contract to his grandmother. Sally objects because Paul's yard is very small while his grandmother's yard is over an acre. Which of the following is the correct legal outcome for the dispute between Sally and Paul?

question

Antiassignment

answer

When parties include a[n] ______ clause in their contract, the parties are attempting to limit their ability to assign their rights under the contract.

question

Assignments made by operation of law, assignments for the right to receive monetary payments, and assignments for the right to receive damages for a breach of contract to sell goods or services may be assigned even in the presence of an antiassignment clause.

answer

Which of the following is true regarding whether a contract may be assigned even in the presence of an antiassignment clause?

question

The case was remanded for trial on the issue of whether adequate police protection was provided in view of the fact that the plaintiff was an intended third-party beneficiary to the contract between the school board and the athletic association.

answer

Which of the following was the result in the case in the text Wesley Locke v. Ozark City Board of Education, in which an umpire was injured by an angry parent and sued claiming that he was an intended third-party beneficiary under a contract the defending board of education had with the Alabama High School Athletic Association requiring police protection which was not provided?

question

The first-assignment-in-time rule

answer

Which of the following states that in the case of multiple assignments of the same right, the first party granted the assignment is the party correctly entitled to the contractual right?

question

The English rule

answer

Which of the following states that in the case of multiple assignments of the same right, the first assignee to give notice of assignment to the obligor is the party with rights to the contract?

question

Delegation

answer

A[n] ______ occurs when a party to a contract transfers his or her duty to perform to a third party who is not part of the original contract.

question

Delegator

answer

A party to a contract who transfers his or her duty to perform to a third party who is not part of the original contract is called a[n] _____.

question

Delegatee

answer

A third party, who is not part of an original contract, but to whom duty to perform contained in the original contract is transferred is called a[n] _____.

question

Bill continues to be bound to Judy to see that her car gets washed.

answer

Bill contracts with Judy to wash her car and then delegates the duty to Paul. Paul fails to wash the car. Which of the following is true regarding Bill's duty to Judy, if any?

question

Ally cannot enforce the assignment because it was not in writing.

answer

Paul and Mary have an agreement that Mary will buy Paul's house. Later Mary orally assigns the right to buy the house to Ally, one of Paul's former girlfriends. When Ally shows up with the money, Paul says "No way! You ditched me to date Rick. I'm not ever letting you get anything from me!" Which of the following is true in regard to the dispute between Paul and Ally?

question

When a private party is involved, the assignor must first get the obligor's approval before an assignment is made.

answer

Which of the following is true regarding assignment of rights in China?

question

Third-party beneficiary

answer

A[n] ______ is created when two parties enter into a contract with the intended end purpose of benefiting a third party.

question

Intended

answer

A[n] ______ beneficiary is a third party to a contract who is intended to be benefited directly from the contract made by the contracting parties.

question

Promisor

answer

The ______ in a third-party beneficiary contract is the party to the contract who made the promise that benefits the third party.

question

Promisee

answer

The ______ in a third-party beneficiary contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary.

question

Donee and creditor, but not incidental

answer

Which of the following is a type of intended beneficiary?

question

Creditor

answer

A[n] ______ beneficiary is a third party who benefits from a contract in which the promisor agrees to pay the promisee's debt.

question

Donee

answer

A[n] ______ beneficiary is a third party who benefits from a contract in which the promisor agrees to give a gift to the third party.

question

Vesting

answer

Which of the following references the maturing of rights such that a party can legally act on the rights?

question

Valid

answer

Creditor beneficiaries can enforce their rights under a contract whenever the contract is _____.

question

Familial

answer

The state of New York does not grant a donee beneficiary the right to enforce a contract unless the promisee is connected to the donee through a ______ relationship.

question

Promisor

answer

When a donee beneficiary may enforce rights under a contract, it may be done so only against the ____.

question

Incidental

answer

A[n] ______ beneficiary is one who unintentionally gains a benefit from a contract between other parties.

question

An incidental beneficiary cannot sue to enforce a contract which provided incidental benefits.

answer

Which of the following is true regarding the rights of an incidental beneficiary to a contract to sue to recover incidental rights?

question

The courts ask if a reasonable person in the position of the party in question would believe the contracting parties intended to benefit the party in question.

answer

Which of the following is a consideration of courts in determining whether a person is an incidental or intended beneficiary?

question

Whether performance of the contract is done directly to the third party, the third party's ability to control the specifics of performance of the contract, and whether the contract directly states that the third party is the benefiting party.

answer

Which of the following is true regarding factors considered by a court in determining whether a party is an intended or incidental beneficiary?

question

The fans were not allowed to recover because they were incidental beneficiaries.

answer

What was the ruling of the court in the Case Opener involving a lawsuit by fans seeking a refund based upon the Tyson and Holyfield fight being stopped in the third round because Tyson bit off a piece of Holyfield's ear?

question

An assignee may decline an assignment if he has not agreed to it and declines in a timely fashion after learning of it.

answer

Which of the following is true regarding an assignee's acceptance of assigned rights?

STUDY

Business Law Civil Law Fair Labor Standards Act First National Bank Quality Assurance Uniform Partnership Act

BAD CH 18,19,23,24 – Flashcards 140 terms

Lesly Lloyd

140 terms

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BAD CH 18,19,23,24 – Flashcards

question

Thalia is an employee of Universal Insurance Company. Universal's employee manual states that workers will be dismissed only for good cause. With respect to the employment-at-will doctrine, this is

answer

an exception based on contract theory.

question

Uri is an employee of Verity Security Services. For Uri to obtain the benefits of federal wage-hour requirements, Verity must be engaged in

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interstate commerce.

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Flem is an employee of Glo Goods, Inc. Flem reports to state officials that Glo is illegally shipping unsafe goods to unsuspecting customers. When Glo learns of Flem's report, Glo fires him. He successfully sues Glo for wrongful discharge. With respect to the employment-at-will doctrine, this is

answer

an exception based on public policy.

question

Cash is an employee of Drowsy Resort, Inc., covered by federal overtime provisions, which apply only after an employee has worked more than

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forty hours in a week.

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Ethan is seventeen years old. Under the Fair Labor Standards Act, Ethan cannot work

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in a hazardous occupation.

question

Hoppy, who works as an employee for Imperial Power Corporation, suffers an injury in an accident. Hoppy will be compensated under state workers' compensation laws

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only if the injury occurred on the job.

question

Over a forty-year period, Ewa worked in a variety of jobs. She was also occasionally unemployed, briefly hospitalized, and suffered a temporary disability. She retired last year. The key law on all of these subjects is

answer

the Social Security Act.

question

Fruits & Vegetables, Inc., employs hundreds of seasonal and permanent workers, both skilled and unskilled, in seven states. Under the Immigration Act of 1990, Fruits & Vegetables can hire illegal immigrants

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under no circumstances.

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David's family came to the United States from Ukraine in 1895. Eva's family came to this country from Vietnam in 1995. Fiona's family came from Mexico in 2005. Current immigration laws are based on

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a system of sanctions against employers who hire illegal immigrants.

question

Mineral Mining Corporation is a U.S. employer. Mineral, and other U.S. employers, must perform I-9 verifications for new hires working under the employer's direct supervision

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including contractors and day workers.

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Southwestern Foods Corporation operates a packaging plant near the border between the United States and Mexico. Due to the location, it would be easier for Southwestern to employ noncitizens. It is legal for a U.S. employer to

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recruit persons not authorized to work in the United States.

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Hu, Ivan, and Juana apply to work for King Meatpacking Company. These individuals' identities and eligibility to work must be verified by

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the employer.

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Unity Production Company is suspected of employing illegal immigrants. The government conducts random compliance audits and other enforcement measures against those who might violate immigration laws through

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the ICE.

question

Seafood Canning Corporation keeps a file of I-9 verifications forms. To inspect this file, the appropriate government officer must obtain

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not a subpoena, a warrant, or the employer's consent.

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Socrates Software Corporation wants to hire Tomas, a noncitizen. To hire Tomas, Socrates must petition

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Citizenship and Immigration Services.

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Detailed Designs Company, an architectural firm, wants to hire Eduardo, a noncitizen. A temporary work visa is most likely to be set aside for a noncitizen who is

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a "person of extraordinary ability."

question

General Packaging Corporation, a U.S. employer, may hire Hilo, a noncitizen, if Hilo is

answer

a lawful permanent resident of the United States.

question

Cody believes that Delta Corporation has discriminated against him on the basis of gender. Cody files a suit against Delta under Title VII. To establish a prima facie case of employment discrimination, Cody must show that

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Cody is a member of a protected class.

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Hu believes that he is a victim of a form of employment discrimination that falls under Title VII of the Civil Rights Act. Compliance with this statute is monitored by

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the Equal Employment Opportunity Commission.

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Lew, a member of a protected class, applies for a job with Mit-E Construction Company, but fails Mit-E's employment test and is not hired. Lew believes that the test has an unintentionally discriminatory effect. If so, this is

answer

disparate-impact discrimination.

question

Riki files an employment, gender-based discrimination suit against Superior Corporation under Title VII, on a disparate-impact theory. To succeed, Riki must show that Superior hires fewer women than the percentage of

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qualified women in the local labor market.

question

Olly applies for a job with Petro Company. Petro does not hire Olly because of his ethnicity, or national origin. This is

answer

disparate-treatment discrimination.

question

Svetlana, a fifty-five-year-old member of a racial minority with a disability, believes that she is a victim of employment discrimination. Potentially the most widespread form of discrimination is based on

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age.

question

United Industrial Corporation gives preferential treatment in hiring and promotion to the members of all protected classes. This treatment results in discrimination against members of the majority. This is

answer

reverse discrimination.

question

Research Statistics Corporation uses a merit system to pay its employees according to their job performance. Suki, a female, and Troy, a male, are Research employees with comparable jobs. Due to superior performance, Suki is paid more than Troy. This is

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not discrimination.

question

Lloyd and Milly are employees of NuTech Corporation. They have the same job. Under the Equal Pay Act, NuTech can legitimately pay Lloyd more than Milly on the basis of

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Lloyd's greater production or seniority.

question

Greta is the only female employee in the maintenance department of Hydraulics Inc. Greta's supervisor and co-workers tease and play tricks on her so relentlessly that she feels compelled to quit. This is

answer

a constructive discharge on the basis of gender discrimination.

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Rona is Stu's administrative assistant and both work for TriCounty Labor Inc. Stu tells Rona that for sexual favors, he will give her an excellent performance review and recommend a raise. This is

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quid pro quo harassment.

question

Fact Pattern 18-1 Kit, manager of Long-Term Care Company's office in Metro City, decides to replace the office's male employees with females. Nia, an assistant manager transferred from a different Long-Term Care office, refuses to cooperate. Kit retaliates against Nia, who quits. Within a year, the male employees also quit. Refer to Fact Pattern 18-1. Kit's conduct is most likely a violation of

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Title VII of the Civil Rights Act.

question

answer

Long-Term Care, which should have known, and Kit, who acted.

question

Kyla is a salesperson for Liberty Financial Corporation. Micky is also a Liberty salesperson. Neil is Kyla and Micky's supervisor. Owen is a Liberty customer. Liberty may be liable for sexual harassment to Kyla by

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Micky, Neil, or Owen.

question

Piku files an employment discrimination suit against Quotient Accounting, Inc., under Title VII, based on its discharge of Piku. In these circumstances, possible relief under Title VII includes

answer

damages or job reinstatement.

question

Fact Pattern 18-2 Lita replaces Manny in his job at Neighborly Business Corporation (NBC). Refer to Fact Pattern 18-2. Manny believes that he has been discriminated against on the basis of his age. For the Age Discrimination in Employment Act of 1967 to apply

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Manny must be forty years of age or older.

question

Fact Pattern 18-2 Lita replaces Manny in his job at Neighborly Business Corporation (NBC). Refer to Fact Pattern 18-2. To succeed with an age-discrimination claim against CBC, Manny will have to show that

answer

Manny is qualified for his job.

question

Silky Coordinates, a women's clothing store, employs female attendants to assist customers in the dressing rooms. Radley, a forty-one-year-old male, applies for an attendant's job, but is not hired. In Radley's suit against Silky for employment discrimination under Title VII, the store has

answer

a bona fide occupational qualification defense.

question

Cal sells "DownSize," a weight-reduction program, from a Web site, in competition with Eat-Less Inc.'s product "Fit 'n Trim." Eat-Less files a suit against Cal, alleging in part that he is a sole proprietor, but his enterprise should be deemed a different form of business. Cal's enterprise should most likely be considered

answer

a sole proprietorship because Cal is a sole proprietor.

question

Leigh wants to go into the business of construction contracting. Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be

answer

its greater organizational flexibility.

question

Kelly, the owner of Llama Farms, a sole proprietorship, wants to obtain additional business capital but to maintain control. This can best be accomplished by

answer

borrowing funds.

question

Carl sells Direct Marketing Enterprises, a sole proprietorship, to Erv. This is a transfer of

answer

the ownership of the business.

question

Jim organized, and owns and operates, Jim's Landscaping Service in the simplest form of business organization. This is

answer

a sole proprietorship.

question

Guy and Hanna do business as G-H Associates. If G-H is a partnership, it is governed by the Uniform Partnership Act

answer

in the absence of an express agreement.

question

Sabin and Tyler agree while talking on the phone to form a partnership. Their partnership agreement is legally binding

answer

without more.

question

Bo and Clancy decide to do business as Marketing & Promotion Services. To be a partnership, this association can result from an agreement that is

answer

oral, written, or implied by conduct.

question

Rona and Stiv do business as Treasure Island Traders. In acting on the firm's behalf in a deal with Unlimited Potential, Inc., Rona makes an honest error in overestimating the profit. To her firm, Rona is

answer

not liable.

question

Tundi is a partner in WooHoo! Amusement, a new partnership. A WooHoo! debt comes due. Tundi is

answer

personally liable to the full extent of the debt.

question

Mabel and Nicol do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Mabel fails to account for the profit. To her firm, Mabel is

answer

liable for breach of the duty of loyalty.

question

Rick and Sandy are limited partners in Total Profit Enterprises, a limited partnership. A limited partner has no right to

answer

participate in the firm's management.

question

Dunn and Etta are limited partners in Fancee Fashion Stores, a limited partnership. In terms of the firm's books, Dunn and Etta are entitled to

answer

total access.

question

Fay is a member of Garden Groves LLC. Like other members of limited liability companies, Fay's liability for Garden Groves's obligations resembles the liability of

answer

a shareholder of a corporation.

question

CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherwise, participants in the firm's management will be considered to include

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all members.

question

China Bank is a foreign entity¾a firm owned and operated by investors in a foreign country. With respect to an LLC in the United States, China Bank can

answer

become a member.

question

QuizBooks LLC is a limited liability company. Like any other LLC, unless QuizBooks chooses otherwise, the firm will be taxed as

answer

a partnership.

question

Build-Rite Construction Corporation and Deals-R-Us, Inc., combine their efforts to build an office and retail complex. Their form of business organization is

answer

a joint venture.

question

Omega Corporation and Precision Coding, Inc., two software firms, wish to combine their research and development capabilities to make a special, limited edition computer game. The most appropriate legal entity for this project might be

answer

a joint venture.

question

Owen, Paula, Quinn, and Rita combine to finance the building of Super Stores, a shopping mall. Their selected form of business organization is an investment group, or

answer

a syndicate.

question

Loni, Michel, and Nita are investors in Oceanic Exploration, a business trust. A business trust is managed by its

answer

trustees.

question

Dreem Land Corporation and EZ Investments Company transfer their property to Financial Managers, Inc., which manages the property and distributes the profits to Dreem and EZ. This form of a business organization is

answer

a business trust.

question

As the beneficiary of a business trust, Kevin's liability for trust debts and obligations is

answer

nothing.

question

Vela and other farmers in Washington County form a business organization to provide, without profit, an economic service to its members. This is

answer

a cooperative.

question

Instead of setting up a business to market her own products, Krissy considers entering into a distributorship franchise with Little Breweries Corporation. This involves the transfer of

answer

a license.

question

Rafe is interested in buying a franchise from Sportz Rulez Company. In this transaction, the Federal Trade Commission's Franchise Rule

answer

enables Rafe to weigh the deal's risks and benefits.

question

Nico is interested in buying a franchise from Oz Inc. For Nico to make an informed decision concerning this purchase, Oz must disclose in writing or online

answer

material facts such as the basis of projected earnings figures.

question

Riley is interested in buying a franchise from Soft Shoe Corporation. Soft Shoe must disclose material facts that Riley needs to make an informed decision concerning this purchase, according to

answer

the Federal Trade Commission's Franchise Rule.

question

Pat enters into an agreement with Ole! Food, Inc., to operate a franchise in Region City. Later, Ole! grants franchises to others within the city, Pat files a suit to close them. This suit will likely

answer

fail if Ole! did not give Pat exclusive rights to Region City.

question

Stacy contracts to buy a franchise from Tender Steak House Company. In this contract, as in most franchise contracts, the determination of the territory to be served is made by

answer

Tender Steak House.

question

A franchise agreement between Simple Software Company and Total Game, Inc., is silent on a time for termination of the franchise. Simple may

answer

terminate on reasonable notice.

question

Pricey Auto Corporation gives notice to Quint that Pricey is terminating their franchise arrangement. Winding up the business requires

answer

returning Pricey's property.

question

Star Resorts Corporation wants to terminate its franchise arrangement with Tony. Their contract does not provide for notice of termination or set a time for winding up the business. This means that to wind up, Tony

answer

has a reasonable time, with notice.

question

Bret buys a franchise from Comida Mexicano Ltd. If their agreement is like most franchise agreements, it will specify that Comida can terminate the franchise

answer

for cause only.

question

Jack buys a Kitchens, Inc., franchise, which the franchisor later terminates. In determining whether the termination was proper, a court will generally

answer

balance the rights of both parties.

question

Edna and Flavia buy a boat that they dock in a marina near Gulfport, Mississippi. On the death of either owner, that owner's interest in the boat passes to her heirs. This is

answer

a tenancy in common.

question

Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation. On the death of ether owner, that owner's interest in the stock passes to the surviving owner. This is

answer

a joint tenancy.

question

Clancy sells shares in Deepwater Pool & Spa Company to Eton. Clancy does not deliver the actual possession of the shares to Eton, but gives him the key to a safety-deposit box in First State Bank in which the stock certificates are locked. Presenting the key is

answer

constructive delivery.

question

During the last years of her life, Barb's chief companion was Sylvia. Barb told Sylvia that she could have a certain painting when Barb died. Barb died without a valid will. Her family refused to give the painting to Sylvia, however, who filed a suit to obtain its possession. Based on the decision in Case 23.1, In re Estate of Piper, the court will most likely rule in favor of

answer

Barb's family, because the painting was never delivered to Sylvia.

question

Nero and Olav each buy certain quantities of oil to sell to Petro Refinery, and agree to share storage costs until Petro can take delivery. The oil is commingled so that Nero's oil cannot be distinguished from Olav's. This is

answer

confusion.

question

Lauren owns a 1967 Ford Mustang, which Mike customizes and details to Lauren's specifications. The car earns several awards at regional vehicle customizing competition shows. The result of Mike's efforts is

answer

accession.

question

Rhett works at Scarlett's Sandwich Café. After work, in the parking lot, Rhett finds a diamond ring lost by Melanie. Title to the ring is possessed by

answer

Melanie.

question

Inadvertently, Bret leaves his briefcase at Clean 'n Dry Launderers when she stops to pick up her clothes. The briefcase is

answer

mislaid property.

question

Mona asks Ned if she can store her furniture in his garage while she serves a tour of duty with the U.S. Marines Corps. Ned agrees. This is a bailment for

answer

the sole benefit of the bailor.

question

Roy leaves his Honda sport utility vehicle at Sam's Auto Service for an oil change. This is a bailment for

answer

the parties' mutual benefit.

question

Sid borrows Tony's paint sprayer to paint his house. Uma allows Vic to store his posthole digger in her shed. The party with a right to use the bailed property is

answer

Sid only.

question

Owen takes a Paisley-made pinball machine to Quality Games, Inc., for repair. Lacking certain parts, Quality ships the game to Regal Repair Company. While in Regal's possession, the game is damaged. Quality can recover for the damage from

answer

Regal.

question

Ben allows Cody to store his trailer on Ben's property for $20 a month while Cody is out of town. Later, Ben notices rainwater collecting in the trailer and covers it with a tarp at a cost of $40. This cost is most likely borne by

answer

Cody only.

question

Stan is liable for the conversion of Tyler's business law textbook

answer

if Tyler proves that the book was in Stan's possession when it disappeared.

question

Uri borrows Vera's boat to enjoy for a weekend. Uri negligently runs the boat aground near Water's Edge Beach, damaging the hull. Liable for the cost of repairing the boat is

answer

Uri only.

question

Bob rents a golf cart at Country Club Golf Course. The brakes are worn, and while Bob is driving the cart, they fail. The cart crashes into a tree, and Bob is injured. Country Club could have discovered, with reasonable diligence, that the brakes were worn. Liability for Bob's injuries most likely rests with

answer

Country Club only.

question

GR8 Stores, Inc., hires Haul-Way Company, a common carrier, to transport fifty large-screen HDTVs from San Diego to Phoenix. En route, a pothole causes the truck to crash, damaging the goods. Liability for the damage most likely rests with

answer

Haul-Way only.

question

BroadView Company arranges to have Carrier Corporation, a common carrier, transport 500 DVD players from New York to California. Dan is Carrier's driver. BroadView will have no cause of action against Carrier if Carrier fails to deliver the players on time because

answer

authorities are stopping and searching all trucks entering California.

question

Tab stores video equipment with U-Store-It, Inc., under a contract that excuses the warehouser from liability for any damage. A fire due to U-Store-It's negligence destroys the equipment. The loss is most likely to be imposed on

answer

U-Store-It only.

question

Venerable Company stores office furniture with Warehouse Storage, Inc. (WSI), under a contract that limits the warehouse company's liability for lost or damaged property to $500. Venerable declines the option to pay a higher storage rate for an increase in the liability limit. The furniture is lost through no fault of WSI. The loss is most likely suffered by

answer

Venerable only.

question

Bret obtains a fire insurance policy on his rental house with Continental Insurance Company. Like all insurance, this policy is an arrangement for

answer

transferring and allocating risk.

question

Dhani is the beneficiary of a life insurance policy on Elmo's life obtained from Famed Insurance Company. The insured under this policy is

answer

Elmo.

question

Grace applies for a homeowners' insurance policy on her house with Heroic Insurance Company through Ian, a broker. In this transaction, Ian is

answer

Grace's agent, and not Heroic's agent.

question

Reno is the beneficiary of a life insurance policy on Sula's life obtained from Thayer Insurance Company. The underwriter of this policy is

answer

Thayer.

question

Mena applies for a homeowners' insurance policy on her house with Neighbors Insurance Company through Obie, an agent who works for Neighbors. In this transaction, Obie is

answer

Neighbors's agent, and not Mena's agent.

question

EZ Rentals Company wants to insure the equipment that it rents to the public. To obtain insurance, EZ must have an insurable interest in the equipment

answer

at the time a loss occurs.

question

Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is

answer

80 percent.

question

Donald applies for a life insurance policy with Equity Insurance Company through Fletch, an agent who works for Equity. Donald pays the initial premium. Fletch writes a binder, which

answer

indicates that a policy is pending and states its essential terms.

question

Ginny obtains a health-insurance policy for her family from Hope Insurance Company. The policy includes an incontestability clause. Under such a clause, after a policy has been in force for a specified period or time, such as two or three years

answer

Hope cannot contest Ginny's statements in the application.

question

Holly obtains an insurance policy from Inviolable Insurance Corporation (IIC). IIC may cancel, or refuse to renew, the policy because of

answer

none of these choices.

question

Kerin obtains a property insurance policy for her art collection from Lawton Insurance Company. Kerin can cancel the policy

answer

at any time.

question

Edy obtains a homeowners' insurance policy with First Source Insurance Company. First Source can cancel the policy

answer

if Edy fails to pay the premiums.

question

Kelsy obtains a business liability insurance policy from Luminous Insurance Company for Kelsy's Framing & Art Supplies store. When an event occurs that gives rise to a claim, Luminous has a duty to

answer

investigate to determine the facts.

question

Isabel obtains a fire insurance policy on her home from Justice Insurance Company. The home is lost in a fire, but the parties dispute the amount of Justice's liability under an ambiguous clause in the policy. A court would most likely

answer

interpret the clause against Justice.

question

Speedy Shipping Corporation applies to TransInsurance Company for a fire insurance policy on Speedy's warehouse. On the application, Speedy misrepresents the age of the property to obtain a lower premium. When a fire soon destroys the warehouse, TransInsurance can

answer

deny payment, because of Speedy's fraud in the application.

question

Chita owns the land on which Downwind Farm is situated, plus the farmhouse, barn, and other structures permanently attached to the land. Chita's brother Elvin owns everything else on the farm¾implements, seed, and so on. The real property is owned by

answer

Chita only.

question

Kailin owns a farm near Manhattan, Kansas, with a farmhouse, barn, and other structures permanently attached. Kailin grows soybeans on the property. A pond lies within the boundaries. Land includes

answer

the pond, the soil, and the structures.

question

Luke owns a farm near Marshalltown, Iowa, with stands of trees serving as windbreaks. Luke grows corn on the property. When Luke sells the farm to Nina, if the contract does not specify otherwise, the sale includes

answer

the crops and the trees.

question

Bakri owns a house. In the house, on a tile floor is a throw rug. Most likely to meet the definition of a fixture is

answer

the tile floor.

question

Mix-It Concrete Company has the right to enter Nim's land and remove the rock from Nim's quarry. This is

answer

a profit.

question

Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, including extracting silver from an existing mine, for life. Patsy also has the right to lease the land for a period not to exceed her life. Patsy's ownership interest is

answer

a life estate.

question

Region Construction Company has a right to drive its trucks across Staple Business, Inc.'s property, which is adjacent to Region's office. This right is

answer

an easement.

question

Moby leases from National Theater Corporation a theater in which to stage a series of concerts. Ollie buys a ticket to the series. What distinguishes Moby, a tenant, from Ollie, a licensee, is

answer

the exclusivity of possession.

question

Opal conveys three acres of wetlands to Pristine Places, Inc., with a deed that warrants only that Opal held good title during her ownership of the property. This deed is

answer

a special warranty deed.

question

Consumer Shops, Inc., signs a lease for a storefront owned by Downtown Building Company. Unlike a purchaser of real property, Consumer Shops

answer

acquires only temporary possession of the premises.

question

Rural Holding Company (RHC) possesses farmland. RHC has the right to use the property, including harvesting the crops, for ten years. RHC does not have the right to extract the coal under the land. This is

answer

a leasehold estate.

question

Jamal signs a lease with Kelvin to occupy a house on Leech Lake in Minnesota for the summer. Jamal's tenancy is

answer

a fixed-term tenancy.

question

Rafe signs a one-year lease with Suki to occupy an apartment in Lawrence, Kansas, near the University of Kansas. Rafe needs the apartment only for two semesters and may have to sublet it for the rest of the term. Rafe's tenancy is

answer

a fixed-term tenancy.

question

Xavier owns a duplex that he leases to Yvon and Zack. Xavier may sell

answer

the duplex at any time.

question

Rita believes that Shady Grove Apartments, Inc., her landlord, has violated the law in a way that entitles her to withhold the rent. This remedy is generally associated with

answer

breach of the implied warranty of habitability.

question

Now Shopping Mall Corporation leases space to Only U Stores and Pik-Ur-Choice, Inc. Later, Pik-Ur-Choice begins to sell items that are similar to Only U's goods, and Only U abandons its space before the end of the lease term. Only U is liable to

answer

Now only for the unpaid rent.

question

Hobby Farms, Inc., owns rural property that it leases to various tenants, including Ira. Ira's transfer of his entire interest in the leased property to a Jason is

answer

an assignment.

question

Bren leases an apartment from Cris for one year. After two months, she sublets the premises for the next six months to Dee, without obtaining Cris's consent. Dee pays the rent for only four months. For the last two months of Dee's six-month term, Bren is

answer

liable for the rent, because Dee defaulted.

question

Fabio makes a living by farming near Gastric Combustibles, Inc., which has discharged pollutants into the area's air and water. If Fabio brings a suit asking for an injunction against Gastric on the ground of nuisance, the court is most likely to rule in Gastric's favor if

answer

Gastric's operation is the core of the local economy.

question

Oak Grove Residences, Inc., owns apartment buildings. Pedro leases one of Oak Grove's apartments. Pedro's transfer of his interest in the lease to Quito for a period shorter than the lease term is

answer

a sublease.

question

Longhaul Trucking Company transports radioactive materials. Marla suffers from cancer. To succeed in a strict liability action against Longhaul, Marla must show that her injury was caused by

answer

Longhaul's operation.

question

Debris Disposal Center operates a recycling plant. Edwin and other Debris neighbors file a suit, alleging injuries from the plant. To succeed, they must show that Debris failed to use reasonable care if the suit is based on

answer

a negligence theory.

question

The Environmental Protection Agency (EPA) has the authority to regulate "any air pollutant." Fresher Air Group, a private organization that supports cleaner air, can file a suit against the EPA to

answer

compel the EPA to act or prevent it from acting.

question

Missoula, Montana, passes an ordinance to regulate waste disposal. The disposal of waste may also be regulated by

answer

all other levels of government.

question

Midwest Power Corporation wants to build a nuclear power plant on private land, for which a federal permit is required. For this action, an environmental impact statement is

answer

required.

question

Truckers Storage Depot, a private company, wants to build a warehouse on private land. For this action, an environmental impact statement is

answer

unnecessary.

question

The Environmental Protection Agency (EPA) has the authority to regulate "any air pollutant." In issuing standards for the discharge of soot and other pollutants, the EPA

answer

does not have to take economic costs into account.

question

Oil Refining Company's plant emits hazardous air pollutants. Regarding these pollutants, the plant must use

answer

the maximum achievable control technology.

question

Eminent Properties, Inc., wants to fill its wetlands to build Fieldview Homes, a residential subdivision. The Clean Water Act prohibits the filling of wetlands unless

answer

the Army Corps of Engineers issues a permit.

question

Little City Company operates a public water supply system. Little City must send to every household that it supplies with water an annual statement describing

answer

the source of the water, and any contaminants and health concerns.

question

Hydraulic Equipment Company makes its products without required pollution control technology, causing a discharge of oily waste into the nearby Idle Lake. This activity can result in

answer

a criminal fine, imprisonment, an injunction, or damages.

question

Metro City operates its own municipal public drinking water system. With regard to pollutants, this system is primarily subject to

answer

the Safe Drinking Water Act.

question

Fruitful Garden Company makes and sells pesticides. For the pesticides to remain on the market, the acceptable level of risk to people of developing cancer from exposure to the products is

answer

one in a million.

question

ChemoCorp, Inc., makes and sells pesticides. If a substance is identified as harmful and the harm is imminent, the Environmental Protection Agency, among other things, can

answer

conduct an inspection of ChemoCorp's plant.

question

Under the Resource Conservation and Recovery Act, before hazardous waste generated by Xtreme Industries, Inc., can be transported, the waste must be properly labeled and packaged by

answer

Xtreme Industries, Inc.

STUDY

Balance Finance First National Bank Global Financial Crisis Money Market Deposit Accounts Required Reserve Ratio

Economics Quiz Chapter 10 – Flashcards 25 terms

Andrew Hubbs

25 terms

Preview

Economics Quiz Chapter 10 – Flashcards

question

Which of the following statements are true? A) A bank's assets are its sources of funds. B) A bank's liabilities are its uses of funds. C) A bank's balance sheet shows that total assets equal total liabilities plus equity capital. D) A bank's balance sheet indicates whether or not the bank is profitable.

answer

C. A bank's balance sheet shows that total assets equal total liabilities plus equity capital

question

Bank capital is listed on the ________ side of the bank's balance sheet because it represents a ________ of funds. A) liability; use B) liability; source C) asset; use D) asset; source

answer

B. liability; source

question

The amount of checkable deposits that banks are required by regulation to hold are the A) excess reserves. B) required reserves. C) vault cash. D) total reserves.

answer

B. required reserves

question

Bank's make their profits primarily by issuing A) equity. B) negotiable CDs. C) loans. D) NOW accounts.

answer

C. loans

question

Banks may borrow from or lend to another bank in the Federal Funds market. A loan of excess reserves from one bank to another bank is recorded as a(n) ________ for the borrowing bank and a(n) ________ for the lending bank. A) asset; asset B) asset; liability C) liability; liability D) liability; asset

answer

D. liability; asset

question

Banks earn profits by selling ________ with attractive combinations of liquidity, risk, and return, and using the proceeds to buy ________ with a different set of characteristics. A) loans; deposits B) securities; deposits C) liabilities; assets D) assets; liabilities

answer

C. liabilities; assets

question

When you deposit a $50 bill in the Security Pacific National Bank, A) its liabilities decrease by $50. B) its assets increase by $50. C) its reserves decrease by $50. D) its cash items in the process of collection increase by $50.

answer

B. its assets increase by $50

question

When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, then A) the liabilities of the First National Bank decrease by $10. B) the reserves of the First National Bank increase by $10. C) the liabilities of Citibank decrease by $10. D) the assets of Citibank decrease by $10.

answer

A. the liabilities of the First National Bank decrease by $10

question

A deposit outflow results in equal reductions in A) loans and reserves. B) assets and liabilities. C) reserves and capital. D) assets and capital.

answer

B. assets and liabilities

question

A $5 million deposit outflow from a bank has the immediate effect of A) reducing deposits and reserves by $5 million. B) reducing deposits and loans by $5 million. C) reducing deposits and securities by $5 million. D) reducing deposits and capital by $5 million.

answer

A. reducing deposits and reserves by $5 million

question

If, after a deposit outflow, a bank needs an additional $3 million to meet its reserve requirements, the bank can A) reduce deposits by $3 million. B) increase loans by $3 million. C) sell $3 million of securities. D) repay its discount loans from the Fed.

answer

C. sell $3 million of securities

question

________ may antagonize customers and thus can be a very costly way of acquiring funds to meet an unexpected deposit outflow. A) Selling securities B) Selling loans C) Calling in loans D) Selling negotiable CDs

answer

C. Calling in loans

question

Which of the following statements most accurately describes the task of bank asset management? A) Banks seek the highest returns possible subject to minimizing risk and making adequate provisions for liquidity. B) Banks seek to have the highest liquidity possible subject to earning a positive rate of return on their operations. C) Banks seek to prevent bank failure at all cost; since a failed bank earns no profit, liquidity needs supersede the desire for profits. D) Banks seek to acquire funds in the least costly way.

answer

A. Banks seek the highest returns possible subject to minimizing risk and making adequate provisions for liquidity

question

A bank will want to hold more excess reserves (everything else equal) when A) it expects to have deposit inflows in the near future. B) brokerage commissions on selling bonds increase. C) the cost of selling loans falls. D) the discount rate decreases.

answer

B. brokerage commissions on selling bonds increase

question

Which of the following would a bank not hold as insurance against the highest cost of deposit outflow-bank failure? A) Excess reserves B) Secondary reserves C) Bank capital D) Mortgages

answer

D. Mortgages

question

Holding large amounts of bank capital helps prevent bank failures because A) it means that the bank has a higher income. B) it makes loans easier to sell. C) it can be used to absorb the losses resulting from bad loans. D) it makes it easier to call in loans.

answer

C. it can be used to absorb the losses resulting from bad loans

question

For a given return on assets, the lower is bank capital, A) the lower is the return for the owners of the bank. B) the higher is the return for the owners of the bank. C) the lower is the credit risk for the owners of the bank. D) the lower the possibility of bank failure.

answer

B. the higher is the return for the owners of the bank

question

Banks hold capital because A) they are required to by regulatory authorities. B) higher capital increases the returns to the owners. C) it increases the likelihood of bankruptcy. D) higher capital increases the return on equity.

answer

A. they are required to by regulatory authorities

question

In one sense ________ appears surprising since it means that the bank is not ________ its portfolio of loans and thus is exposing itself to more risk. A) specialization in lending; diversifying B) specialization in lending; rationing C) credit rationing; diversifying D) screening; rationing

answer

A. specialization in lending; diversifying

question

Long-term customer relationships ________ the cost of information collection and make it easier to ________ credit risks. A) reduce; screen B) increase; screen C) reduce; increase D) increase; increase

answer

A. reduce; screen

question

A bank that wants to monitor the check payment practices of its commercial borrowers, so that moral hazard can be prevented, will require borrowers to A) place a bank officer on their board of directors. B) place a corporate officer on the bank's board of directors. C) keep compensating balances in a checking account at the bank. D) purchase the bank's CDs.

answer

C. keep compensating balances in a checking account at the bank

question

When a lender refuses to make a loan, although borrowers are willing to pay the stated interest rate or even a higher rate, the bank is said to engage in A) coercive bargaining. B) strategic holding out. C) credit rationing. D) collusive behavior.

answer

C. credit rationing

question

All else the same, if a bank's liabilities are more sensitive to interest rate fluctuations than are its assets, then ________ in interest rates will ________ bank profits. A) an increase; increase B) an increase; reduce C) a decline; reduce D) a decline; not affect

answer

B. an increase; reduce

question

The difference of rate-sensitive liabilities and rate-sensitive assets is known as the A) duration. B) interest-sensitivity index. C) rate-risk index. D) gap.

answer

D. gap

question

If the First National Bank has a gap equal to a negative $30 million, then a 5 percentage point increase in interest rates will cause profits to A) increase by $15 million. B) increase by $1.5 million. C) decline by $15 million. D) decline by $1.5 million.

answer

D. decline by $1.5 million

STUDY

Audio Business Law Business Management First National Bank

Business Law Chapter 26 40 terms

Joel Boykin

40 terms

Preview

Business Law Chapter 26

question

Ethel signs a note "payable to the order of Fidelity Bank." Fidelity indorses the note in blank and negotiates it to Ghani, who sells it to Huck. Liability associated with the transfer of the note from Ghani to Huck is

answer

warranty.

question

Puck signs a check "pay to the order of Quik Mart" drawn on Puck's account in Regional Bank. Puck shows the check to Silky, who agrees that the signature is Puck's and that Quik Mart is owed the amount that the check represents. Quik Mart signs the back of the check. Liability on this check extends to

answer

Puck AND Quik Mart ONLY.

question

Toby signs a note "payable to the order of United Credit Union." Unless Toby has a valid defense against payment, Toby's liability on this note is

answer

immediate.

question

Derby Stables writes a check to Extendo Credit, Inc., that is drawn on Derby's account at Farm & Ranch Bank. If the bank does not accept the check, liability for its amount is on

answer

Derby.

question

Nero signs a check "pay to the order of Olive" drawn on Nero's account in Peachtree Bank. Olive signs the back of the check. Secondary liability on this check extends to

answer

Nero AND Olive ONLY.

question

Dirk is the maker of a note, on which Erv is secondarily liable. Friendly Credit Company is the current holder of the note. Erv will be obligated to pay the note if

answer

Dirk defaults on the note.

question

Fact Pattern 26-1A. Seymour writes a check on his account at Platinum Bank to Teri to pay a debt. Teri negotiates the check by indorsement to Rosanna, who presents it for payment to Onyx Bank. Teri is

answer

SECONDARILY liable.

question

answer

if Rosanna timely notifies Teri.

question

To borrow the money to buy a car, Klaus signs a note "payable to the order of Lake City Auto Financing." Minnie cosigns the note to guarantee the repayment of the loan. Minnie's liability on this note is

answer

primary.

question

Audio Science Company's agent Bailey is authorized to draw checks on Audio Science's account in Citizen Bank. The checks are preprinted with the company name. Bailey writes a check "pay to the order of Darlene [signed] Bailey." Darlene presents the check for payment. If Citizen Bank dishonors it, liability extends to

answer

Audio Science ONLY.

question

Celia, an employee of Delite Dairy Company, forges the signature of Elin, Delite's president, on a Delite check and cashes it at First Federal Bank. Elin would ratify Celia's actions

answer

entering into a repayment agreement with Celia.

question

Birdie, an accountant for Country Custom Furniture, Inc., issues company checks payable to nonexistent persons drawn on Country's account at Debit Bank. Birdie indorses the checks and deposits them in her account. Country discovers the theft and demands that Debit recredit its account. Debit's best defense is that

answer

Country was in a better position than Debit to prevent the theft.

question

Rodeo Ranch's agent Slim is authorized to write checks on Rodeo Ranch's account in Town Bank. Upper Range Corporation is a Rodeo Ranch supplier. Slim writes a check on Rodeo Ranch's account "pay to the order of Upper Range [signed] Slim," indorses it in Upper Range's name, and deposits it in his own account in Verity Bank. If Verity Bank collects payment, the ultimate party most likely to suffer the loss is

answer

Rodeo Ranch.

question

Cash National Bank is an HDC of a note for $1,000 on which there is the forged signature of "Dudley." If sued on the note by Cash

answer

Dudley's best defense would be FORGERY.

question

Opalina asks Paolo, who does not understand English, to sign what Opalina says is an application to open a bank account. In fact, the "application" is a note. If sued on the note by an HDC

answer

Paolo's best defense would be FRAUD in the EXECUTION.

question

Chris convinces Dion, who does not understand English, to sign a $1,000 note that Dion believes is an application for a credit card. Chris negotiates the note to EZ Finance Company. Dion

answer

can avoid payment on the note EVEN if EZ is an HDC.

question

Dandy Lyin' Furniture Store borrows $100,000 at 6 percent interest from Easy Loan Company and signs a promissory note for that amount. Easy changes the amount of the note to $120,000 and increases the rate to 8 percent. Easy materially altered the note when it changed

answer

the amount AND the interest rate.

question

Quincy signs a check payable to Richland Investors, Inc., and gives it to Richland, leaving the amount blank but authorizing Richland to fill in the check for $1,000. Richland fills in $1,500 and negotiates the check to Silverado Bank, to whom Richland owes $1,500. Silverado Bank, an HDC, can enforce the check for

answer

$1,500.

question

Laptop Assembly Company gives a $3,000 promissory note to My-T-Fast Delivery Service to deliver a load of computer chips to Laptop's plant. The chips are contami¬nated during transit, and are useless to Laptop on delivery. If My-T-Fast presents the note for payment

answer

Laptop's best defense would be BREACH OF WARRANTY.

question

Bing signs a note payable to the order of Cameron. Cameron indorses the note and gives it to Daphne as payment for a debt. Daphne presents it to Bing, who pays it. Bing's payment discharges

answer

all of the parties.

question

Biff signs a note "payable to the order of County Credit Union." Unless Biff has a valid defense against payment, Biff's liability on this note is

answer

primary.

question

Eula signs a check "pay to the order of Eula" and presents to First National Bank for payment. The types of liability associated with this check are

answer

signature and warranty.

question

Superior Company draws a check payable to Ted. Uri makes a note payable to Vital Finance Corporation. Primarily liable parties include

answer

Uri ONLY.

question

Blayne writes a check "pay to the order of Cherry" drawn on Blayne's account at Dixie Bank. Cherry presents the check for payment to Dixie Bank, which accepts it. The bank is

answer

PRIMARILY liable for payment.

question

Fact Pattern 26-1B. Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lyron who, in turn, indorses it to Mona, who then indorses it to Neville, the present holder. Neville properly presents the note to Jake for payment, but Jake dishonors it. With timely notice to the proper parties, Neville may collect payment on the note from

answer

Kim, Lyron, or Mona.

question

Fact Pattern 26-1B. Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lyron who, in turn, indorses it to Mona, who then indorses it to Neville, the present holder. Suppose that Mona pays Neville on the note. With timely notice to the proper parties, Mona may collect payment on the note from

answer

Jake, Kim, or Lyron.

question

Rex signs a check "pay to the order of Sophie" drawn on Rex's account in Town Bank. To impose liability on Rex if Town Bank dishonors the check, Sophie should present it for payment within

answer

thirty days.

question

Pacific Bank receives a check drawn by Qiana. The check is received after the established "cutoff" hour. Payment can be postponed without dishonor

answer

until the close of the next business day.

question

On January 1, Kane issues a note payable to Lorena on May 1. On April 29, Kane dies. In this situation, the note is

answer

dishonored.

question

Sara agrees to cosign a promissory note for Tom to buy a sport utility vehicle. The note is payable to Uno Bank. Sara is an accommodation

answer

maker.

question

Kip is Lulu's agent and is authorized to write checks on Lulu's account in Metro Bank. Kip writes a check "pay to the order of Nemo." Kip signs the check "Lulu, by Kip, agent." If Metro Bank dishonors the check, liability extends to

answer

Lulu ONLY.

question

Dewey is Ezra's agent and is not authorized to sign checks or notes on Ezra's behalf. Despite the lack of authority, Dewey issues a note "payable to the order of Fab Finance Company [signed] Ezra, by Dewey." Liability on this note extends to

answer

Dewey ONLY.

question

Bob writes a check on his account at County Bank to Darby, a famous singer. The person claiming to be Darby is an imposter, however, named Etta. Etta indorses the check to Felipe, for whom County Bank cashes it. Ultimately, the loss will most likely fall on

answer

Bob.

question

Cole issues a note "payable to the order of Cole," forges Dylan's signature as the maker, and indorses the note "pay to Eton." Cole sells the note to Eton, who negotiates it by indorsement and delivery to Franz. Franz negotiates the note to Gert. On this note, Gert can extend liability to

answer

only Cole, Eton, or Franz.

question

Burt, a mentally impaired person, is asked by Carl to sign a piece of paper that Carl says is an autograph book. In fact, the document is a note. If later sued on the note by an HDC

answer

Burt's best defense would be FRAUD in the EXECUTION.

question

Vera gives Willy a $500 check as payment for a debt. Willy crudely raises the amount of the check to $5,000 and transfers it to Xtreem Sportz store for a new bike. Xtreem deposits the check in its Yankee Bank account. Vera is liable for the payment of $5,000 to

answer

no one.

question

Pete, a Quality Company employee, is authorized to use Quality checks to buy supplies. Pete alters one of the checks to increase its $700 amount by $100, and exchanges it at Retail Office Supply for $700 worth of supplies and $100 cash. He keeps the cash. On the check, Retail—an HDC—may obtain pay¬ment for

answer

$700.

question

Delores's Restaurante borrows $100,000 at 6 percent interest from El Credito y Dinero Company and signs a promissory note for that amount. El Credito changes the amount of the note to $120,000 and increases the rate to 8 percent. Delores's best defense against payment on the note is

answer

material alteration.

question

GR8 Products, Inc., warrants its goods to be free of defects. Heck issues a note to obtain goods from GR8 that prove defective. If GR8 presents the note for payment

answer

Heck's best defense would be BREACH OF WARRANTY.

question

Molly signs a promissory note payable to Nano Credit Corporation while mentally incompetent but before a court judges her to be mentally incompetent. The note is

answer

voidable.

STUDY

Class Action Lawsuits Continental United States Fair Debt Collection Fair Debt Collection Practices Act First National Bank

Central Coast College Debt Collection Terminology 24 terms

Steven Ramirez

24 terms

Preview

Central Coast College Debt Collection Terminology

question

Acceptable Debt Collection Phone Call Hours

answer

9am - 8pm

question

Aging Report

answer

A report that shows the time span between issuing an invoice and receiving payment.

question

Audit

answer

Methodical review of an account.

question

Bankruptcy

answer

A legal proceeding that declares a debtor is financially unable to pay a debt.

question

Cash Flow

answer

The process of a business' inflow and outflow of money.

question

Certified Mail

answer

A service provided by the postal service that provides proof of delivery to the sender.

question

CFDCPA

answer

California Fair Debt Collection Practices Act: California's law that governs debt collection practices.

question

Coinsurance

answer

The portion of charges that an insured person must pay for health care services.

question

Collateral

answer

Property acceptable as security for a loan or other obligation.

question

Collecting

answer

The process of identifying what is due for a service and receiving payment.

question

Collection Agency

answer

A company that specializes in collecting debt for businesses.

question

Collector

answer

A business' employee that is attempting to collect a debt.

question

Copay/Copayment

answer

An amount that a health plan requires a patient to pay at the time of service.

question

Debt

answer

An obligation to pay for something owed, such as money owed for goods or services.

question

Debtor

answer

A customer that owes a debt.

question

Deductible

answer

An amount that an insured person must pay, usually each year, before an insurance company will be responsible for paying.

question

Delinquent

answer

An payment or account that is Past-Due.

question

Dun

answer

The process of persistently requesting payment.

question

EOB and RA (Explanation of Benefits or Remittance Advice)

answer

Documents from an insurance company that shows how a patient's medical benefit was determined.

question

FDCPA

answer

The Fair Debt Collection Practices Act: The primary U.S. federal law governing debt collection practices.

question

Final Notice

answer

One of the last steps in the collection process. Usually explains to the debtor the negative consequences for letting the debt remain unpaid.

question

Payment Plan

answer

A plan agreed to by the business and debtor that outlines the timing and amount of payments due on a debt.

question

Secured Debt

answer

A debt where collateral has been offered if the debt goes unpaid.

question

Unsecured Debt

answer

Debts where there is no collateral, for example medical debts, credit given by a business for goods and services, credit card debts.

STUDY

Economic Activity First National Bank

U.S. History I Chapter 10 Test Review – Flashcards 30 terms

James Storer

30 terms

Preview

U.S. History I Chapter 10 Test Review – Flashcards

question

What type of system allows people to buy, sell, and produce whatever they want?

answer

free enterprise system

question

Where and when did the industrial revolution begin?

answer

Great Britain

question

Where did the Industrial Revolution begin in the United States?

answer

New England

question

Why would cities develop along waterways?

answer

factories could use the water for power and for shipping

question

What do investors do in hopes of making a profit?

answer

invest capital

question

When Francis Cabbott Lowell opened up a textile plant in Massachusetts in 1814, what was this a first example of in the United States?

answer

factory system

question

What are interchangeable parts?

answer

are identical machine pieces that can be quickly assembled to make a complete product.

question

In the 1800s, what was the leading economic activity in the United States?

answer

farming

question

What is the name of the machine that increased the efficiency of making cotton cloth?

answer

cotton gin invented by Eli Whitney

question

In 1790 the U.S. population was 4 million. What was the population in 1820?

answer

10 million

question

What was a major disadvantage of American river travel in the early 1800s?

answer

most major rivers in the eastern United States flow in a north-south direction

question

Who built the "Clermont" in 1807, a powerful steamboat?

answer

Robert Fulton

question

The Clermont was designed to travel from where to where?

answer

New York to Albany

question

What is a canal?

answer

an artificial waterway

question

Why were canals built?

answer

Because steamboat travel was limited to existing river systems in the 1820s, canals were built, which tied the eastern and western parts of American together with waterways.

question

What is a canal made up of?

answer

locks, separate compartments which water levels are raised or lowered

question

Why did many pioneer families settle near rivers?

answer

Rivers allowed them to ship their crops and other goods for sale.

question

Since many people tended to settle with others from their original communities, where did many of the settlers in Indiana come from?

answer

Kentucky and Tennessee

question

What is sectionalism?

answer

loyalty to a region

question

What region did Henry Clay represent as a Congressman?

answer

He represented the interests of the Western states and became known in the early 1800s as the national leader who tried to end sectional conflicts through compromise.

question

Who was known as "The Great Compromiser"?

answer

Henry Clay

question

What agreement set limits on the number of naval vessels that Great Britain and the United States could have on the Great Lakes?

answer

Rush-Bagot Treaty

question

At what convention was the official boundary between the United States and Canada determined?

answer

Convention of 1818

question

Who was the Mexican priest that was executed by Spain for leading a rebellion against Mexico and wanting racial equality and redistribution of land?

answer

Miguel Hidalgo

question

What is the name of the doctrine that was issued by the President of the United States on December 2, 1823? He declared the U.S. would not interfere with existing European colonies in North and South America, but it would oppose any new one?

answer

Monroe Doctrine

question

How did the Industrial Revolution begin and what was its effect on American society & economy?

answer

In the mid-1700s, inventors in Great Britain created machinery to perform some of the work involved in cloth making. These innovations led to changes, not only in industry, but also in the way people lived. Instead o fusing hand tools to produce goods at home, goods were manufactured in factories. Although many people continued a farming way of life, many went to work in factories, contributing to the growth of cities. The Industrial Revolution spread through the United States forever changing the pace of life and the ways in which many people worked.

question

How did the transportation improvements of the 1800s affect the demographics, the economy, and the establishment of new states?

answer

To support the movement of people and goods, a National Road was built to connect the East with the Ohio River Valley, Private companies built turnpikes, which required a fee for travel. Canals were built to transport goods, helping not only to lower shipping costs but also helping to unite the country. People also started traveling on rivers by steamboats. A Unique Western culture was developing.

question

What were the intense sectional differences of the 1800s as seen through the positions of Webster, Calhoun, and Clay?

answer

Slavery, The Missouri Compromise, regarding admitting new states, was struck to ease these differences. Webster - supported the Tariff of 1816, he thought it would strengthen the U.S. as a whole, not just the North. He defended the nation against sectional interests. Calhoun - War Hawk who called for a war with Britain in 1812. He was a nationalist, favored support for internal improvements and developing industries and backed a national bank. Clay - The American System - protective tariff to stimulate the growth of the nation's industries; a program of internal improvements, especially the building of roads and canals to stimulate trade, and a national bank to promise currency throughout the nation and to lend money to build developing industries.

question

Why was Monroe's presidency known as the Era of Good Feelings?

answer

There was a spirit of unity that existed throughout the country. Monroe called for tariffs to protect new industries, for a national bank, and for some national development programs.

question

What was the Monroe Doctrine and how did it affect foreign policy?

answer

A statement declaring that the United States would oppose any new European colonies in North and South America.

STUDY

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